There's another royal wedding in the works!

Princess Beatrice is engaged to property developer Edoardo Mapelli Mozzi, Buckingham Palace announced on Thursday morning.

"We are extremely happy to be able to share the news of our recent engagement," the couple shared in a statement. "We are both so excited to be embarking on this life adventure together and can't wait to be married. We share so many similar interests and values and we know this will stand us in great stead for the years ahead, full of love and happiness."

While vacationing in Italy earlier this month, Edoardo proposed to his love with a stunning Shaun Leane ring he helped design. The duo—who made their official red carpet debut in March—are set to say "I do" next year.

For their official engagement photos, the 31-year-old, clad in Zimmerman's Allia floral dress, called in the photographer she trusts the most: Younger sister Princess Eugenie.

"Beabea—wow! I'm so happy for you my dearest big sissy and dear Edo," Eugenie, who wed Jack Brooksbank last fall, wrote on Instagram. "It's been a long time coming and you two are meant to be."

Princess Beatrice, Edoardo Mapelli Mozz

HRH Princess Eugenie

For their part, the royal's parents Prince Andrew and Sarah Ferguson are overjoyed by the news.

"We are thrilled that Beatrice and Edoardo have got engaged, having watched their relationship develop with pride," they said in a statement. "We are the lucky parents of a wonderful daughter who has found her love and companion in a completely devoted friend and loyal young man. We send them every good wish for a wonderful family future."

Indeed, following the official announcement, Beatrice's mom took to Twitter to continue to share her excitement. "I know what a mother feels so I have tears of joy," she wrote. "I am so proud of this sensational news. Andrew and I are just the luckiest people ever to have two great sons in law."

Congratulations to the soon-to-be newlyweds!

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